Lagos, Jan. 7, 2024 – Guaranty Trust Holding Company Plc (GTCO) has raised N209.41 billion from the first tranche of its public offer.
Segun Agbaje, its Group Chief Executive Officer, disclosed this in a statement in Lagos.
He said this was confirmed after the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the allotment basis approved by the Securities and Exchange Commission (SEC).
Agbaje said that the offering received 130,617 valid applications for 4,705,800,290 ordinary shares which were fully allotted.
“This milestone concludes the first phase of GTCO’s phased equity capital raise programme which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors.
“This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base.
“We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise,” Agaje said.
He said the strong participation and successful capital verification exercise and allotment process reaffirmed the confidence investors had in GTCO’s fundamentals and execution capabilities.
The group chief executive said this had set a solid foundation for accelerating the group’s strategic roadmap.
“Building on this successful first phase, the group will commence the second phase of its recapitalisation plan in 2025.
“This is strategically positioned to attract significant foreign institutional investments, also reinforcing its reputation as a “truly international” financial services brand,” he said.
Agbaje said the proceeds from the combined equity raise would be strategically deployed to recapitalise the group’s flagship subsidiary, Guaranty Trust Bank Ltd.
He said this would help to enhance the bank’s ability to meet regulatory requirements and further solidify its position as a leading financial institution.
Agbaje said the proceeds would also support group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both banking and non-banking subsidiaries.
He said GTCO remained committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa. (GBN)
